MORTGAGE INTEREST RATES FOR DALLAS TEXAS

REAL TIME MORTGAGE INTEREST RATES

HOW MORTAGE RATES AFFECT YOUR PURCHASING POWER

When rates go up 1% it is like adding $30K to your home's price tag. When
rates go down by 1% it makes the price of the home you want to buy feel
$30K less expensive. Said another way if at 6% you can afford to buy a
$300K home, then at a 5% rate you can afford up to $330K while
maintaining the same payment resulting from 6% and a $300K price. On the
other hand, if rates go up 1% then instead of being able to buy a $300K
home you would have to lower your price to $270K to keep your monthly
payments the same.